Natural gas is one of the fastest-growing energy sources globally. Canada ranks fourth in terms of the largest natural gas producer worldwide. In Canada, natural gas consumption has grown rapidly since 2016. The oil & gas sector is the largest consumer of natural gas, followed by buildings, industries, and power plants. Canada is evaluated to have the potential to capitalize on the energy demands in Asia-Pacific. In Canada, 27% of the marketable natural gas is produced in British Columbia, 2% in Saskatchewan, and 71% in Alberta.
Most of Canada’s natural gas exports go to the United States. At the same time, with the increasing unconventional gas production, the US is becoming self-sufficient in terms of natural gas. In addition, pipeline exports from Canada to the US are decreasing. In addition, given the adequate unconventional resources, there has been a shift in focus from LNG imports into North America to LNG exports from North America. Besides, the LNG exports are expected to enable Canadian natural gas production growth, resulting in significant jobs, investments, and economic prospects.
With regard to market prospects, Canada has specific free trade agreements (FTAs) with more than 10 countries. In addition, the government is committed to maintaining infrastructure and related investments. Such aspects have contributed to Canada’s enterprising attitude towards foreign relations, resulting in it establishing substantial trade and investment links.